DEVELOPMENTS AND POTENTIAL Ero’s dual strategy at Xavantina is focused on sustaining and growing robust gold production by increasing mill feed, via the transition to mechanized mining, to fully utilize the mill’s installed capacity of up to 300,000 tpa while also continuing to extend mine life through the conversion of its significant resource base to reserves and targeting new vein discoveries with a regional exploration program. (3) In late 2024, Ero launched a value creation initiative at Xavantina to capture value from stockpiled gold concentrates produced in small but high-grade quantities since processing operations began in 2012. As of November 2025, Ero had sampled approximately 20% of the total stockpile volume. Additional sampling campaigns are underway to quantify the remaining gold concentrate. In October 2025, Ero completed initial shipments of approximately 3,000 tonnes of gold concentrate and sold a total of 14,999 ounces of gold in concentrates in Q4 2025. Sales of gold concentrates are expected to continue through mid-2027. (2) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $119.9 Historic Revenue to Royal Gold 2024: 2025: US$M $38.8 $29.5 Metal Deliveries to Royal Gold Since Inception US$M 54.9 koz Au Advance Payment US$M $160.0 Investment Recovered % 58% Net Book Value US$M $118.4 MINERAL RESOURCES AND RESERVES As of June 30, 2025 Contained Gold (koz) AGEOs* (koz) Proven and Probable 466 66 Measured and Indicated 198 12 Inferred 366 22 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 12 for a description of AGEO calculation methodology. Royal Gold | 2025/2026 Asset Handbook 115 For more information, please visit: www.erocopper.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS